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Home Opinions Blurb

Nigeria’s Payment Channels Made a Record-breaking ₦86 trillion in 2017

Nairametrics by Nairametrics
February 8, 2018
in Blurb, Business News
Nigeria’s Payment Channels Made a Record-breaking ₦86 trillion in 2017
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Nigeria’s payment channel transactions hit an all-time high of ₦86.1 trillion in 2017 according to the data from the National Bureau of Statistics. This is a 32% increase from the total transaction value of ₦65.1 trillion.

Total transaction volume for the year was a whopping ₦1.4 billion, a 58% rise from the same period in 2016. The report compiles data from cheques, POS, Mobile Money, Online web transactions, ATM, NIP, NEFT.

By Volumes

  • NIBSS InterBank Payment (NIP) rose by a whopping 141% year on year posting a total of 370.8 million transactions in 2017.
  • POS transactions also rose significantly topping 130% to close at 146 million transactions
  • Internet web transaction grew by 106% to close at 29 million suggesting increase in adoption rate among Nigerians
  • Mobile Payment remained rather flat growing by just 2% to record a total transaction of 47.8 million
  • Cheque transactions continued to drop and were just 10.8 million transactions in 2017, representing an 8% drop.

By Value

  • POS transactions rose the highest gaining 86% year on year closing at ₦6.4 trillion
  • NIP transactions had over 65% of transaction value at ₦56 trillion. It gained 47% year on year, indicating a resilient and dominant preference for most Nigerians.
  • It also shows Nigerians still prefer to make transfers via internet banking portals.
  • Mobile payments also had a strong showing, growing by 46% to close the year at ₦1.1 trillion.
  • A lot of venture capital funds have poured into the mobile money space in recent years as startups hustle to tap into a growing but underserved market.

Key takeaways

  • Mobile money is growing by value but not fast enough in terms of transaction volume
  • This suggests early adopters increasingly rely on it to pay for transactions.
  • At ₦23,000 per transaction, mobile payment rose 43%, the highest in 2017 and the only positive gain (excluding NEFT) that rose based on value per transaction metrics.
  • One could thus infer that there is an increase in confidence relying on mobile payments for transactions
  • People still use cheque payments for transactions and definitely cannot be ignored. A transaction value of ₦5.3 trillion still represents 6.2% of the market (8.9%: 2016) and is still twice POS, mobile and web payments combined.

Volumes of transaction

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Value of transaction

Data source: Nigerian Bureau of Statistics


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Tags: National Bureau of Statistics (NBS)Online Payment Channel
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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